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[Investor Story] First BTC Bought at Just 800 Yuan! 12-Year Crypto Veteran Dives into US Stock Options: How Did He Achieve a 60% Return in 4 Months?

In the investment market, surviving cycles is luck; crossing cycles reflects insight.

In this Investor Story, we invited a community fellow investor and crypto OG. @很大很大的橙子，He is a veteran of the crypto space with 12 years of experience, having acquired his first Bitcoin back in 2013 when the price was only around 800 RMB.

In the second half of 2025, he officially transitioned to the US stock options market, using only four months to achieve an impressive return rate of 60%.。

In this interview, we will break down how Teacher Da Chengzi uses professional financial tools to hedge risks, capture volatility, and seek the ultimate path for asset inheritance.

1. 2025 Live Case Study: Using Option Premiums to Achieve Cross-Market Cost-Free Arbitrage

Q: Your 2025 live trading record has caused quite a stir within the community, especially the 60% return achieved in just four months. Could you provide us with an in-depth breakdown of this strategic thinking?

A: Many users trade US stocks with their savings, taking a big gamble. However, the core logic behind my initial capital of 1.5 million USD is 「Volatility Swap」。

At that time, I sold my long-held $Ethereum (ETH.CC)$Covered Calls that I had held long-term. Due to extremely high implied volatility in the crypto market, the option premiums collected were very lucrative. Instead of leaving this cash in the crypto space, I officially initiated US stock and options trading in August 2025. Initially, I deployed three target assets:$Robinhood (HOOD.US)$The options,$Tesla (TSLA.US)$The options, as well as$Cango (CANG.US)$and common stocks.The reason for choosing HOOD is that it serves as a core entry point for the synergy between crypto and stocks, while Tesla represents a combination of AI and high volatility.。

By October, I noticed that the options had moved from out-of-the-money to in-the-money, so I decisively took profits. Afterward, I used part of the profits to buy $XAG/USD (XAGUSD.FX)$ , and with the remaining $1 million, I continued to roll over Tesla's in-the-money options.

By the end of 2025, my account balance had grown to around $2.3 to $2.4 million. The most fascinating aspect of this operation is:The chips were obtained for free. Because the funds came from option premiums, even if there was a pullback in US stocks, it wouldn’t hurt my core assets, allowing me to calmly hold positions and let profits run.

Two, Crypto-Stock Synergy: DAT Company’s Premium Logic

Q: Many users are quite interested in $Strategy (MSTR.US)$ or $Bitmine Immersion Technologies (BMNR.US)$ and other DAT company stocks, what are your thoughts on these companies?

A: Personally, I haven’t purchased shares in DAT companies, but I believe that operating DAT companies revolves around one key metric:Premium Rate = Stock Price ÷ mNAV (Net Asset Value Per Share)。

– When the premium rate is too high (>1):I pay attention to the premium rate (stock price ÷ net asset value per share). When the positive premium is too high, buying stocks is not as good as holding cash.

– When the premium rate is low or at a discount (<1): If there's a negative premium, I'd consider converting stablecoins or Bitcoin in my possession into quality DAT stocks like MicroStrategy.

Third, the truth about 'yield farming' on-chain: Why newbies should avoid derivatives

Q: On-chain derivative protocols such as PrepDex are very popular now. Many users want to 'farm airdrops' by increasing trading volumes. What’s your take?

A: For ordinary individual users, my suggestion is:Do not participate, because most likely you will lose money in the end.。

1. The cost trap of 'yield farming'： Many projects attract traffic with the expectation of airdrops in their early stages, but you need to do the math: The fees generated from wash trading on the platform, high slippage, and unstable funding rates often consume most of your principal. By the time the airdrop arrives, the returns often don't cover the costs.

2. Dimensionality reduction harvest by quant teams： This type of protocol is truly suitable for quant teams, who can adopt cross-exchange arbitrage strategies:Go long on an exchange with good depth and short on a new protocol like PrepDex, maintaining Delta neutrality. This way, they can both secure stable arbitrage profits and risk-free farm airdrops.Ordinary retail investors who blindly jump in to place orders are essentially providing liquidity and paying fees to professional teams.

3. Market structure solidification： Nowadays, in the on-chain derivatives market, we only need to focus on leading platforms such as Hyperliquid and Aster. Many new protocols will find it hard to rise, and even previous star projects like dYdX have already lost market share.

IV. Asset inheritance and compliance

Q: As an OG in the crypto circle, why did you decide last year to start using a compliant brokerage to invest in US stock options?

A: For professional investors, the sophistication of tools directly determines the upper limit of trading. After using Futu/moomoo, I found its options functionality beats many crypto platforms and even traditional platforms.

In the crypto world, even top options exchanges still offer relatively primitive functionality. If you want to execute a complex combination strategy, you need to manually operate multiple 'legs,' which is time-consuming and prone to errors. However, on Futu/moomoo,It offers a "one-click strategy option": whether it's straddles, butterflies, or various spreads, the system can directly balance them and display profit and loss expectations.This efficiency boost is crucial for large accounts that require meticulous operations.

Another reason I chose Futu/moomoo is to leverage the traditional financial markets, as traditional margin financing thresholds are high, and options are the most effective leverage tool.

Q: Why do you repeatedly emphasize the importance of asset inheritance and compliance?

A: After twelve years in the industry, my biggest realization is that the risk of assets disappearing into thin air far outweighs volatility.While on-chain wallets offer freedom, the threshold for inheritance is too high; family members may not necessarily withdraw the coins. However, holding assets with Futu/moomoo provides compliant documentation. For family wealth inheritance, trusts, and even proving asset legitimacy, it’s much more reassuring. Offshore exchanges have questionable security and are prone to black swan events.If seeking long-term returns in mainstream markets, choosing a compliant, regulated platform is an inevitable choice for seasoned investors.

V. 2026 Strategic Deployment and Outlook

Q: Looking ahead to 2026, what is your allocation strategy for cryptocurrencies?

A: Currently, I...Maintain a 50/50 position in Bitcoin and Ethereum, and I’ve already cleared all altcoins like BNB and ASTR.Because altcoins often only benefit the project teams, and for ordinary investors, participating in them is a negative expected value game.

Besides, I never pay attention to the so-called halving cycles; that’s more of a psychological effect. As a long-term spot holder, I don’t care when the bull market is.

I believe there is no ceiling to asset prices, only higher peaks.Against the backdrop of global inflation, the market capitalization of quality assets will be measured in trillions of dollars in the future.Don’t rush to buy junk assets worth a few cents just because you think Bitcoin is expensive—that’s the biggest danger.

Q: Can you give some advice to fellow investors in the community by 2026?

A: Here are some personal suggestions for reference:

1. Avoid altcoins.： That’s gambling with a negative expected value.

2. Monthly payments as the main strategy： Believe in the power of time.

3. Learn to use options 'Short Put' to take delivery of stocks： Sell put options at an ideal price; if the price drops, buy at a lower price, if it doesn't drop, earn the option premium.

4. Believe quality assets will become more expensive over time： Don’t miss out on core assets due to fear of high prices; stay grounded, and time will give you the answer.

[Interactive Giveaway]

Share your thoughts on this article in the comment section. Fellow investors who write over 30 words with insightful comments can receive 66 points~

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Event deadline: From now until February 6, 2026

If you have more suggestions for our column, feel free to leave a comment in the comments section! Follow @牛友有料到, so you won’t miss the next [Investor Story]!

*Disclaimer: The content of this article is provided by @很大很大的橙子Accept @牛友有料到The following is compiled from interviews, with images in the article provided and authorized for use by @很大很大的橙子The cases mentioned in this article are for reference only and do not constitute any investment advice. The information related to this article does not form any industry or indicator recommendation. The information and introductions of the stocks involved represent the personal opinions of the users and do not constitute any stock recommendations. Past performance of stocks is not indicative of future results. The stock market carries risks, and investments should be made with caution.

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